Cryptocurrencies

[harv]

How's those currencies treating you harv? lol

Basically if anyone took harvs advice at the start of January, you would definitely have lost a fair bit of money by now

By now and at this current time, yes. But like I've already mentioned in this thread anyone with any sense is playing the long game with cryptocurrencies. The market will recover from this current 'bear run' and have many 'bull runs' and more 'bear runs' as time goes on. But the value of Bitcoin will ALWAYS go up in the long term due to the way it's set up. Don't be surprised if 1 Bitcoin is valued at $50,000-$100,000 next year. Some people are even predicting as much as $500,000 in 3-5 years.

The only people that have lost money are the people that aren't intelligent enough to do any sort of research and are panic selling cryptocurrencies that they've bought during the last few months. This is the time to continue buying cryptocurrencies not start selling them, it's a HODL (Hold On for Dear Life) situation. Those that don't are going to be kicking themselves for this panic selling in 10 months or so.

And as I've already said, Cloud Mining is where the real money is at, but I may have left it a bit too late because Genesis Mining appear to be upping the ante for their contracts (there are only Zcash and Etherium contracts open at the moment and those contracts are pretty expensive), hopefully I'll have enough Bitcoin mined to compound my hashpower when the Bitcoin contracts are available again but I doubt it. The new Bitcoin contracts will be open some time in March I think and my mining doesn't start until 28th February.

[shellyboy100]

India and I think somewhere else in Asia last month (I think it was South Korea) have banned Crypto-currencies, causing them to lose value.

If the rest of the world follow this trend, they will all be worthless.

It wouldn’t surprise me if the rest of the world ban them too eventually as the governments can’t bring in any laws over Crypto-Currencies, other than banning them. I imagine they are getting banned as governments can’t tax you on Crypto-Currencies and they don’t like that.

In the long run, I wouldn’t say this is a good investment.

[jman]

If you're a gambling man spend $244 on 100 Ripple coins, you won't regret it.

So if you'd have done this - you'd have lost $167 (in 24 days)

I'm not telling anyone to take your advice harv.. its just not proving very good advice is it

[harv]

If you're a gambling man spend $244 on 100 Ripple coins, you won't regret it.

So if you'd have done this - you'd have lost $167 (in 24 days)

I'm not telling anyone to take your advice harv.. its just not proving very good advice is it

If you had done this you wouldn't have lost a penny unless you were stupid enough to panic sell instead of HODL. Cryptocurrency investment is all about long-term gains, not making a quick buck.

[harv]

India and I think somewhere else in Asia last month (I think it was South Korea) have banned Crypto-currencies, causing them to lose value.

If the rest of the world follow this trend, they will all be worthless.

It wouldn’t surprise me if the rest of the world ban them too eventually as the governments can’t bring in any laws over Crypto-Currencies, other than banning them. I imagine they are getting banned as governments can’t tax you on Crypto-Currencies and they don’t like that.

In the long run, I wouldn’t say this is a good investment.

South Korea was the big one that affected the market the most, but over 120,000 people signed a petition that the government must now address. If the worst comes to the worst the exchanges will all move to tax havens lol

[jman]

If you had done this you wouldn't have lost a penny unless you were stupid enough to panic sell instead of HODL. Cryptocurrency investment is all about long-term gains, not making a quick buck.

Well OK if you want to be pedantic - you've lost $167 in stock value..

But being pedantic, its also true to say:

Previous cost of buying cryptocurrency = $244
Profit of said cryptocurrency = $0
Total loss = $244

Why don't you tell us, how many £'s you've spent so far and how many £'s you've made...

[harv]

I bought that Ripple at $224 And paid for that with some of the Monero I had mined. I converted the rest to Bitcoin, it was around $130. So that didn't cost me a penny. What I HAVE paid for is my Cloud Mining and I've spent $358 on that which is going to give me regular payments in Bitcoin until this mining stops being profitable (which basically isn't going to happen).

The only concern I have with my Cloud Mining is compounding my hashpower because Genesis Mining appear to be upping the minimum hashpower amount and that along with my mining starting on 28th this month means I'm probably going to struggle to compound it.

I also spent around $90 on Cloud Mining for Monero too which I should see a return on later this month.

Most of my investments are through free money generated by my PC. The money I have invested ($90 for Monero mining, $358 for Bitcoin mining and £50 worth of Bitcoin when the price was around £8000) I'll be getting back, plus profit, later on down the road.

[jman]

So you've spent around £370 and have nothing in return... thats all we needed to know

Another fall yesterday after the BIS head called Bitcoin a Ponzi scheme and a threat to financial stability lol and Lloyds and Virgin have blocked the use of their credit cards to buy cryptocurrencies now...

Not looking good on the old horizon there harv.. don't worry, you carry on HODLing lol

[harv]

It's looking fine. Cryptocurrencies have started to rise in value again now. Like I've said before Bitcoin in particular will ALWAYS rise in value in the long term because of the way that it's set up. The early buyers and miners, who have several Bitcoin, won't be selling for years. Same goes for intelligent people like my good self that are just starting to get into mining. Bitcoin is going to be my third pension plan and will probably be worth more than the other two added together by the time I retire.

And that money I invested is going to see a return at the end of this month every day for the Bitcoin mining and some time next month for my Monero mining.

It's all looking quite rosy at the moment. The only minor grief I have is with my mining at home on my PC due to the difficulty levels rising, it's not bringing in as much cash as it was because the difficulty has gone up but it's still free money (because I'm not paying any more electricity because I always have my PC on 24/7 due to torrents).

[jman]

Well I can't believe you never switch your PC off - surely the mining is going to adversely affect your bandwidth - therefore making torrents download slower - therefore requiring your PC to be switched on even longer, therefore costing you more money overall.  If you literally do leave it on 24/7 - then what would make you more money.. turning your PC off and not downloading torrents or downloading torrents and mining a currency that is eventually going to be worth nothing

[harv]

The only time I switch it off is when I periodically turn it off to hoover my air filters, plus power cuts obviously. But it isn't off for long. And this hasn't just started since I started mining - I've ALWAYS had my PCs running 24/7 since I discovered eMule, Kazaa and torrents 20 years or so ago.

And I'm REALLY not worried about bandwidth issues because I have a 200 meg connection and because there's very little bandwidth that MinerGate uses anyway.

The only minor concern I have is with the CPU and and GPU running at around 60% capacity 24/7 but my PC is well equipped with fans so I don't have any heat issues at all.

The only time I'm not mining is when I'm in VR, and even then if I'm using Virtual Desktop to watch the football or a film in my virtual cinema I can still have 7/8 of my CPU cores mining without it affecting anything. Playing more demanding stuff like games means I have to stop mining alogether though.

[jman]

So if you have a 200 meg connection (which is the same as me now), you can download a 2hr film in 4k in probably under 20 minutes... so I really don't see why you would need it on all the time for torrents, seeing as you can download far quicker than you can watch or listen too.

You could probably turn it off at night.. even if its just 8 hours a day - you'd be saving a 1/3rd on your electricity bill on your PC - which would make you more money than mining a currency that is worth bobbins  

Also, PCs are designed to be turned on and off - by running them at full pelt all day, every day, the components are likely to fail quicker meaning more money down the drain

[harv]

Torrents aren't all about downloading unless you're selfish. I upload tons of stuff too. I'm also a member of plenty of members only sites, three of which give you upload bonuses if you seed even if nobody is benefiting from your seeding.

And PCs are designed for long-term usage, the vast majority of servers run 24/7 without a problem.

[harv]

Looks like the crash is over and cryptocurrencies have recovered again. This wasn't the first crash and it certainly won't be the last. And when the next crash happens you'll get the same people harping on about bubbles and tulips only for the cryptocurrencies to recover yet again.

Bitcoin isn't going anywhere except up in the long-term.

It's just gone to just over $10,000 and this time next year it might be worth 5-10 times more than that.

[jman]

Not quite.. you told people to buy 100 Ripple coins at $2.44 - its sitting at $1.11 - you've lost more than 50% of your money if you took Harvs advice.